JBM has some large buyers lurking off screen over $4.60 & as yet they do not want to push the price over $4.70 as I hoped they would.
Sellers have been small in size, buyers large with orders of 30k, 50k & 100k shares.
Large buyers are not on screen so as to give the impression JBM is an unwanted stock.
People fall for it all the time.
JBM has hardly moved with the latest nickel price rise of 40% over the last month so there is no reason for JBM to fall much(if at all) even if Nickel drops back to $6.50 us/lb.
Someone quoted a broker recently with a $5 price target for JBM & 50 cents extra for every 10,000 tonnes of Nickel at Alec Mairs deposit.
When the resource estimate comes from Alec Mairs deposit comes expect JBM to Gap up in a big way & never come below $5 again.
$4.50 & you have a P/E of under 6 & a dividend yield of 10%.
Nickel prices & hence profits, are higher so far this financial year than any in any previous years.
1st quarter results due very soon, will prove this.
Alec Mairs deposit should provide extra nickel before Xmas.
Downside from current JBM prices is small but upside is extremely large.
Did you read the annual report Brucey????
NPV will not be a problem very shortly.
Cash Flow is not a problem.
A capital raising perhaps???lol.
Sentiment is currently against Nickel & anything non oil but the tide will turn very quickly as it always does.
I'm Holding JBM since July 31 2003 @ a initial purchase price of $2.84 & have averaged up to $3.99 & collected on average over 10% in dividends.
I am willing to hold longer to get the price I think JBM is worth, not what the market thinks JBM is worth on any particular day.
JBM at current prices is an excellent medium to longer term investment.
Short term, overhead resistance is very small.
Basically everyone who holds JBM is now in profit or sitting on a 1-2% loss(those who bought over the last 2 days near $4.80).
Nickel charts look excellent & fundamentals support the price.
For people that hold JBM & wait a few weeks large rewards should come. If holders wait a couple of months even larger rewards await.
For people that don't hold, JBM should be on their watchlist.
JBM is going a lot higher irrrespective of what happens to the Dow Jones index or the ASX200.
Commodities do well when share prices drop.
Is it any wonder Nickel prices peaked March 1988 while share indicies got hammered October 1987????
Not really.
Enough from me at the moment, talk to "youse all" later.
Cheers
JBM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
